It has been reported by the Shanghai Observer, a news app created by the state newspaper Jiefang Daily, that the Everbright Sports Fund have made the decision to fully purchase the Shanghai Sharks, becoming the new owners of the CBA basketball club.

On 25 May, the famous Shanghai coach, Li Qiuping, arrived at the Shanghai Sharks’ training base, the Shanghai Meilong Training Base, as the head coach of the club. Li Qiuping had previously made it clear that for him to return to the Shanghai Sharks, the only condition was that the club had a new owner. At the signing ceremony between the club and Li Quiping, it was Fan Nan, the General Manager of Everbright Capital, Principal Partner & President of Everbright Sports, who represented the new investors of the club.

In the first half of 2016 when Yao Ming was the President of Sharks, he sold a share of his stakes to the Everbright Sports Fund. At the end of 2017, Yao sold 40 percent of his shares in the Shanghai Sharks to 4 companies including CMC Holdings and Everbright Capital.

Everbright Sports Fund is administered by Everbright Capitals, Shanghai Leadbank Asset Management Co. and China National Sports Group. It is said that the Everbright Sports Fund focuses on three areas, pre-IPO sports companies, sports tourism and sports industry.

Source: NetEase 

Proofread by Raymond Fitzpatrick